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More Grayscale research papers and investment theses are available at: www.grayscale.co/insights 13|19 has already undergone several software modifications to adapt to the scaling challenges presented by its initial design. However, scalability continues to be one of the largest challenges for the Ethereum network and remains an active area of research for developers. There are two types of approaches being researched to resolve Ethereum’s scalability issues: (i) on-chain, or Layer 1, which refers to the main blockchain and (ii) off-chain, or Layer 2, which refers to feature implementations outside of the main blockchain, such as Plasma, Sidechains, Payment Channels, and State Channels. For more on planned scalability features for Ethereum 2.0, please refer to the Ethereum Github. Level of Decentralization There may be risks associated with the level of decentralization of the Ethereum network, particularly with respect to mining pools. For example, as of February 12, 2020, the top two largest mining pools controlled over 50% of the network hashrate.33 Competition Ethereum faces strong competition from a broad spectrum of general-purpose platform digital currency networks, including Ethereum Classic, Horizen, Eos, and Tezos, among others. Each of these may be viewed as direct or indirect competitors to Ethereum and it remains to be seen whether DApps, smart contract functionality, or other use cases may be better served on one or some versus others. It is also possible that these networks fail collectively, or that some combination of them succeed alongside one another due to competitive market forces. However, Ethereum generally has higher rates of adoption compared to the competitive networks mentioned (and others), extending to developers, exchange listings, applications, and basic network infrastructure, such as wallet- and front-end payment processing-software. Volatility with Smart Contracts Since transactions resulting from smart contracts may be difficult to stop or reverse, any vulnerabilities in the underlying code can weaken the network. For example, the 2016 exploit in The DAO allowed an unknown attacker to siphon approximately $60 million worth of ETH into a segregated wallet address. This event spurred the controversial hard fork of Ethereum, resulting in its split into two networks: Ethereum and Ethereum Classic. In 2017, Parity, the multi-sig wallet software created by Parity Technologies, was affected by two hacks. The first, in July 2017, resulted in a theft of $30 million in ETH, and the second, in November 2017, led to an indefinite freeze of approximately $160 million in ETH.34 Smart contract technology is relatively new and still in open-source development. 33. “Top 25 Miners by Blocks.” Etherscan. February 12, 2020. https://etherscan.io/stat/miner?range=7&blocktype=blocks. 34. Jon Russell. “A major vulnerability has frozen hundreds of millions of dollars of Ethereum.” TechCrunch. November 7, 2011. https://techcrunch.com/2017/11/07/a-major-vulnerability-has-frozen-hundreds-of-millions-of-dollars-of-ethereum/ PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER. ©2020 Grayscale Investments, LLCPDF Image | An Introduction to Ethereum
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